The lawsuit filed against the NCUA by the Independent Community Bankers of America Wednesday is without merit, CUNA President/CEO Jim Nussle said. The ICBA filed its suit in response to the NCUA’s revised member business lending rule.
NCUA Chair Rick Metsger told CUNA that the agency has begun the process of consulting industry practitioners to assist in the transition as credit unions work to implement the new current expected credit loss accounting standard.
Revising call reports and Credit Union Profile can both enhance the NCUA’s supervisory ability and reduce regulatory burden on credit unions, CUNA wrote Friday. The NCUA requested input on ways to enhance the quality of collected information.
While CUNA appreciates the spirit of the NCUA’s annual review of its regulations, it should not be used as a reason to delay responses to a known problem with a regulation, CUNA wrote to the agency this week.
The NCUA’s website, NCUA.gov, will be down for maintenance starting 10 p.m. (ET) Friday and continuing through midnight (ET) Sunday. The entire site will be down, including credit union resources and consumer sections of the site.
CUNA suggested several immediate improvements in the NCUA’s examination procedures in a letter sent to the agency this week. The letter was sent in response to the NCUA’s request for input on through its Exam Flexibility Initiative.
A joint incentive-based compensation rule from federal financial regulators is overly burdensome and not necessary for credit unions, CUNA told the NCUA in its comment letter on the proposal, which is required under the Dodd-Frank Act.
The NCUA board voted Thursday to adopt the agency’s strategic plan for 2017-21 that includes updating the agency’s goals for examinations. While this change does not immediately credit unions' exam cycle, it sets the stage for later improvements.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
Atlanta-based Arby’s restaurants has acknowledged a data breach involving approximately a number of its corporate-owned locations, reports Krebs On Security. The breach is estimated to have occurred between Oct. 25, 2016, and Jan. 19.
Federal Reserve Chair Janet Yellen testified before Congress this week, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.